Alimera Sciences files for $87 million IPO

Biopharmaceutical firm expects to offer 6 million shares at between $14 and $17 per share

Jeffrey Bouley
ALPHARETTA, Ga.—After withdrawing its first attempt in April 2009 to go public, Alimera Sciences Inc. on April 6 filed with the U.S Securities and Exchange Commission to raise up to $87 million in an initial public offering (IPO) of common stock.

The biopharmaceutical firm expects to offer 6 million shares at a price range of $14 to $17 a share, the company said in its filing with the U.S Securities and Exchange Commission, and Alimera has applied for listing its common stock on Nasdaq under the symbol ALIM.

Alimera, which specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals, intends to use proceeds from the IPO for clinical research and development and to repay interest and debt.

Most notably right now, Alimera wants to complete clinical development and registration of Iluvien for diabetic macular edema, to repay debt and make certain milestone payments to pSivida US Inc., and to commence commercial launch of Iluvien.

The company is focused on diseases affecting the back of the eye, or retina, because of the belief that such diseases are not well treated with current therapies and represent a significant market opportunity.

The underwriters for the offering are led by Credit Suisse Securities LLC, but also include Citi, Cowen and Co. and Oppenheimer & Co. The company reports that it is selling all the shares in this offering, and added that the underwriters have the option to purchase up to an additional 900,000 shares to cover over-allotments.

 

Jeffrey Bouley

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